| Schedule of Revenue from External Customers by Geographic Areas |
The following table depicts the disaggregation of revenue by geographic areas and major product offerings and geographies and is consistent with how the CODM evaluates its financial performance (in thousands):
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Three Months Ended September 30, |
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Six Months Ended September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Americas1
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| Product revenue |
$ |
20,937 |
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$ |
21,845 |
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$ |
43,689 |
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$ |
46,424 |
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| Service and subscription |
14,988 |
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16,680 |
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29,347 |
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31,389 |
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| Total revenue |
35,925 |
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57 |
% |
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38,525 |
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54 |
% |
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73,036 |
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57 |
% |
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77,813 |
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54 |
% |
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| EMEA |
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| Product revenue |
10,849 |
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|
12,455 |
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20,832 |
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25,974 |
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| Service and subscription |
8,423 |
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11,299 |
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16,905 |
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20,701 |
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| Total revenue |
19,272 |
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31 |
% |
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23,754 |
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33 |
% |
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37,737 |
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30 |
% |
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46,675 |
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32 |
% |
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| APAC |
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| Product revenue |
3,582 |
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|
4,978 |
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8,384 |
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9,533 |
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| Service and subscription |
2,209 |
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2,226 |
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4,311 |
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4,825 |
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| Total revenue |
5,791 |
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9 |
% |
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7,204 |
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10 |
% |
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12,695 |
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10 |
% |
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14,358 |
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10 |
% |
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| Consolidated |
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| Product revenue |
35,368 |
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39,278 |
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72,905 |
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81,931 |
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| Service and subscription |
25,620 |
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30,205 |
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50,563 |
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56,915 |
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Royalty2
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1,727 |
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3 |
% |
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2,363 |
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3 |
% |
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3,534 |
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3 |
% |
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5,265 |
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4 |
% |
| Total revenue |
$ |
62,715 |
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100 |
% |
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$ |
71,846 |
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100 |
% |
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$ |
127,002 |
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100 |
% |
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$ |
144,111 |
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100 |
% |
1 Revenue for the Americas geographic region outside of the United States is not significant.
2 Royalty revenue is not allocatable to geographic regions.
Revenue by Solution
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Three Months Ended September 30, |
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Six Months Ended September 30, |
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2025 |
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% |
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2024 |
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% |
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2025 |
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% |
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2024 |
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% |
| Primary storage systems |
$ |
10,968 |
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17 |
% |
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$ |
12,204 |
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17 |
% |
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$ |
23,497 |
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18 |
% |
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$ |
29,798 |
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21 |
% |
| Secondary storage systems |
19,778 |
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32 |
% |
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23,333 |
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33 |
% |
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38,285 |
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30 |
% |
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39,744 |
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27 |
% |
| Device and media |
7,550 |
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12 |
% |
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7,827 |
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11 |
% |
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17,492 |
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14 |
% |
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17,428 |
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12 |
% |
| Service |
22,692 |
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36 |
% |
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26,119 |
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36 |
% |
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44,194 |
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35 |
% |
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51,876 |
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36 |
% |
| Royalty |
1,727 |
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3 |
% |
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2,363 |
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3 |
% |
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3,534 |
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3 |
% |
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5,265 |
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4 |
% |
Total revenue1
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$ |
62,715 |
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100 |
% |
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$ |
71,846 |
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100 |
% |
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$ |
127,002 |
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100 |
% |
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$ |
144,111 |
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100 |
% |
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| Schedule of Significant Segment-Level Expenses |
Net Loss
The following table shows reported segment revenue, segment profit or loss, and significant segment expenses were as follows: (in thousands):
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Three Months Ended September 30, |
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Six Months Ended September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
Total revenue |
$ |
62,715 |
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$ |
71,846 |
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$ |
127,002 |
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$ |
144,111 |
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Total cost of revenue |
39,163 |
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41,201 |
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80,736 |
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86,410 |
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Gross profit |
23,552 |
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30,645 |
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46,266 |
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57,701 |
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Gross margin |
37.6 |
% |
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42.7 |
% |
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36.4 |
% |
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40.0 |
% |
Operating expenses |
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Salaries & fringe1
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16,731 |
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21,244 |
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34,733 |
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42,667 |
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Outside services2
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4,763 |
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7,690 |
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12,439 |
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20,884 |
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Infrastructure3
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2,330 |
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2,882 |
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4,852 |
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5,790 |
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Operational costs4
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2,060 |
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2,440 |
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4,392 |
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4,796 |
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Restructuring |
3,193 |
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383 |
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5,616 |
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1,574 |
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Other5
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2,633 |
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1,563 |
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4,987 |
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|
4,350 |
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Total operating expenses |
31,710 |
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|
36,202 |
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|
67,019 |
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|
80,061 |
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| Loss from operations |
(8,158) |
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(5,557) |
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(20,753) |
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(22,360) |
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| Other income (expense), net |
(185) |
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(1,334) |
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(616) |
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(1,375) |
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| Interest expense |
(6,227) |
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(6,131) |
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(12,743) |
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(9,921) |
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| Change in fair value of warrant liabilities |
1,525 |
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3,550 |
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|
1,525 |
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5,216 |
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| Loss on debt extinguishment |
(33,254) |
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(2,308) |
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(30,695) |
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(3,003) |
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| Loss before income taxes |
(46,299) |
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(11,780) |
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(63,282) |
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(31,443) |
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| Income tax provision |
157 |
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|
370 |
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|
380 |
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|
605 |
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| Net loss |
$ |
(46,456) |
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$ |
(12,150) |
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$ |
(63,662) |
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$ |
(32,048) |
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1 Salaries & fringe includes spend on contractors.
2 Outside services includes contractor, recruiting and legal expenses.
3 Infrastructure includes property related expenses, including fixed and variable lease expense, telecommunications and depreciation.
4 Operational costs include dues and subscriptions, computer expenses, office supplies and other miscellaneous items.
5 Other segment items includes travel related spend, marketing expense, taxes, fees and other miscellaneous items.
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